The Nigerian National Petroleum Company (NNPC) has disclosed why there is increased in Premium Motor Spirit (PMS) saying the country has a robust supply of fuel.
The company’s Group Chief Executive Officer, Malam Mele Kyari attributed the increase to market realities.
Kyari revealed this to newsmen after a private meeting with the Vice President, Kashim Shettima, at the Presidential Villa, on Tuesday in Abuja.
He explained that the increase in the price of PMS has nothing to do with supply issue, adding that there are robust supply of the product in the country.
“I don’t have the details this moment. You know we have the Marketing Wing of the company, they adjust prices depending on the market realities.
“And this is the meaning of making sure that the market regulate itself so that prices will go up and sometimes they will come down also and this is really what we are seeing in reality this is how the market works.
“There is no supply issue completely when you go to the market you buy the product you come to the market and sale it at prevailing market price there is nothing to do with supply we don’t have supply issues.
“There are robust supply, we have over 32 days supply in the country, that’s not a problem. What I know is that the market forces will regulate the market, prices will go down sometimes and sometime it will go up but there will be stability of supply.”